ProShares Ultra Copper K-1 Free ETF (UCOP)

The ProShares Ultra Copper K-1 Free ETF is a leveraged commodity fund from ProShares. It seeks daily investment results equal to two times (200%) the daily performance of a benchmark of copper futures contracts.

The fund gains its exposure through copper futures and related derivatives, and it is structured so that shareholders receive a Form 1099 rather than a Schedule K-1 at tax time. The 2x objective applies to a single day only, and the combination of daily rebalancing and futures roll effects means longer-term results can differ substantially from twice the change in copper prices.

The fund is intended for short-term traders seeking magnified bullish exposure to copper.